Downed Airliner Could Negatively Impact Gas Pump Prices

It’s not just the pain and anguish of the family members who lost loved ones in the crash of Malaysia Airliner 17 and caused an increase of conflict in Ukraine; it’s also the pain and anguish that could hit the gas pumps.

When news broke that the Malaysian Airliner was brought down by a missile, the price of oil responded from the pressure. On Friday, the West Texas Intermediate closed at $103.13 a barrel, which was a $2.30 increase from the previous week.

AAA spokesman Mark Jenkins said the price of oil rose because there were concerns that violence could hit in the aftermath of the crash. He said gas prices have been falling a little over a half a cent a day, but with the geopolitical tension the rate of discount could slow down at the pump.

Officials with AAA said oil prices skyrocketed more than two percent after the tragedy.

For Florida, the average price of gasoline was $3.51 – one week ago, it was $3.56. In June, it was $3.61. It’s also eight cents below the U.S. average. For Georgia, the average price of gasoline is $3.47.

Florida, Georgia and Tennessee have seen nearly 25-plus days of gas pump declines.

However, with the ongoing problems in the Ukraine/Russia region, the decline could reverse and an uptick in gas prices could ensue.

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Posted by News
on Jul 21 2014. Filed under Finance, New.
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